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Friday, March 29, 2024

Vision of an ‘Asian Monetary Fund’ Becomes Clearer as Regional Crisis Fund Gets Boost

Last year, Southeast Asian economies hailed the birth of a new Asia-Pacific trade bloc, the Regional Comprehensive Economic Partnership. Less noticed was the advancements made in regional financial cooperation after China softened its position.

“It feels like homework completed late,” Toshinori Doi, the director of ASEAN+3 Macroeconomic Research Office (AMRO), told Caixin in an interview.

The homework he’s referring to is an accord reached during an ASEAN+3 Financial Ministers’ Meeting last year to make changes to the multilateral currency swap agreement known as the Chiang Mai Initiative Multilateralization (CMIM).

The CMIM, which involves the 10 ASEAN member states plus China, Japan, and South Korea, was amended accordingly in May this year.

One of the key elements was a change to the amount each member may request from the crisis fund without an IMF-backed program…

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